In 2024, Brazilian ports experienced modest volume growth of 1.3% reflecting an overall decline in bulk cargo in the second half of the year, Fitch Ratings says. While soybean exports declined 19% relative to 2023 levels, sugar exports have reached record highs in both volume and value.

Fitch expects Brazilian ports to be favored in 2025, fueled by anticipated agricultural production growth and robust export dynamics. Companhia Nacional de Abastecimento (Conab) projects a 9.4% increase in the grain harvest for 2024-2025, driven by expanded planted areas and enhanced productivity, which is set to continuously benefit key ports such as Santos and Paranagua.

The imposition of U.S. tariffs on Brazilian aluminum and steel is expected to disrupt steel exports, a significant component of trade, although Fitch-rated port terminals are likely to remain largely unaffected due to existing take-or-pay contracts.
Source: Fitch Ratings